All meta-data (save for private camera body and lens serial numbers) is available for inspection in the OOC JPG. Basic Exif is available in all of the other images displayed below. Here's how the E-M5 scaled the recorded RAW. The RAW-scaling chosen is around 2.1 EV below a maximum ADU 3811:

.

Note that OOC JPG raises the Blue color-channel information to around 232 out of 255 in sRGB:

If the above histograms do not convince the reader that an
accurate
as possible of a means of estimating recorded RAW ADU levels is required when shooting in RAW format using the E-M5, I don't know what would. (Perhaps) a belief that the E-M5 image-sensor is (somehow) "
magical
" ?

Here is the 7.07 Mbyte OOC JPG itself. How does that "Olympus blue" sky look to you at 100% ?

.

It was necessary to "push the RAW-scaling" in (
RT 4.0.9.50
) by 1.75 EV. This 1200x1200 pixel patch is from near the center of the shot (between the airplanes), and reflects the image-noise attenuating effects of an applied (custom) "S-shaped" tone-curve that acts to fairly significantly attenuate shadow-noise at lower tone-levels (at output tone-curve locations below the composite-Luminance peak at 129). None of the applied NR was used here (only other processing settings).

.

I had to use quite
a lot
of NR (Luminance=67, Chrominance=67) to try to tame the image-noise:

.

All of the Original image-files displayed above can be downloaded (by clicking on the "Original" link).

What
important facts
does this exercise in (RAW-level as well as JPG) analysis/processing tell us ?